PCMag reviews iWork '06. "For word processing, the Apple iWork '06 Pages program is no match for Microsoft Word or ThinkFree Office 3.0. But it's capable, and its ability to create gorgeous documents easily is unequaled on the Mac."My take: I concur. iWork is the best tool for the job when you need to create a document you yourself will distribute physically; however, since iWork uses a closed file format only iWork users can read, distributing it electronically is fairly useless.

It has been reported (not officially) that in January, iWork 07 will come out, will have a spreadsheet app and that Pages will be sort of divided into two - one part for traditional word processing and the other for page layout type stuff. I didn't see anything about increased importing formats - that would be nice. iWork would be pretty nifty if it had all that.